Text-to-Object Animation
We will use shape keys, vertex groups, keyframes, and modifiers to achieve this. 

First, go to edit > Preferences > Animation and make sure the default interpolation of F-Curves is set to Linear


Add a Circle. Add>Mesh>Circle
Immediately press F9 to open the popup menu and set the vertices to 64
Go into edit mode, select the top most vertex and press V and right-click to rip it and keep it in place. Do the same to the bottom most vertex. You now have two separate half circles.





While still in edit mode with the same object, add a plane. Add/Mesh/Plane
Press S, X, 0 to scale it to a line along the y axis.
Press S, Y, 2 to set its length to 2.
Press Right Click > Merge Vertices > By distance so that it is a simple line





Add a new vertex group named "Bar Left", click assign.
Press G, X, -0.1 to move it a little bit to the left.
Press SHIFT + D,  to duplicate, then type X, 0.20 to position it on the right.
Add a new vertex group named "Bar Right", click assign, select the "Bar Left" vertex group and click "Remove" so that each bar is assigned to a different vertex group.
Press L while overing over the right half-circle to select all the linked vertices.
Add a new vertex group named "Circle Right"
Unselect, and do the same for the left half circle. Name the vertex group "Circle Left"
Move both half circles 0.1 unit on either side along x axis.





Tab out of edit mode, add a shape key and then another one. Select the new one and go into edit mode.
Select the vertices of both bars and press Press S, X, 0 so that they are on the same spot. Move each half circle 0.1 unit closer to the center so that they form a circle again. Tab out of edit mode.
Go to frame 1 of your animation, and click on the little dot on the right of the value of your keyframe. Make sure the value is "0". The field becomes yellow.





Go to frame 10, set the value to 1 and click on the rotated cube on the right of the field. Now when you play your animation, the two bars begin separated and merge at frame 10.
Add a mask modifier to your object. Select either one of the bar vertex groups, click on the invert icon and press i while hovering over both the screen icon and the camera icon.
Go back to frame 9, unchek both these icons and again press i while hovering over them. The modifier should look like this on frame 10





Add a new shape key,and move the right circle 1 unit up and the left circle one unit down on the Y axis
Tab out of edit mode, set the value to 1 and while still one frame 10, add a keyframe (white little dot on the right)
Go to frame 40, set the value to 0 and add a keyframe
While on frame 40, go to the object's transform properties and add a keyframe to the Z rotation set to 0. 
Add a new shape key, select the bar vertices which are not masked by the mask modifier (in my case Bar Left) and scale it to 0 along the y axis
While on frame 40, add a keyframe on the value of this shape key set to 0
Go to frame 70, set the rotation to 270° and add a keyframe, set the value of the last shape key to 1 and a a keyframe
Add a mask modifier and mask the bar from the frame 70 and on. (Same steps as for the first bar) Your modifier should look like this on frame 69 :





Add a skin modifier, go into edit mode after selecting the base shape key, select all the vertices, type CTRL + A and move your mouse to the left to reduce the width of the skin modifier.
If the skin doesn't appear on parts of the mesh, select one vertex from it and click on "mark root" in the skin modifier.
Go back to frame 1. Add a new shapekey and mute all the other ones (checkbox on the right of the shape key name)
Select the vertices of your first half-center and scale it by a value of 2.

Repeat those steps for the other half-circle. Un-mute all the other shapekeys.
On frame 70, add a keyframe with a value of 0. Go to frame 100 and a keyframe with a value of 1.
I did not really understand the final parts of your animation but I am sure you can achieve it with the knowledge from this answer. Play with vertex groups, shape keys and masks.
The final result